Bitcoin has been quite impulsive with the bullish gains recently. Yesterday, the price approached the psychological level of $10,000. Currently the price is residing above $9,600 area from where it is expected to reach $10,000 area. Later if it breaks above $10,000 with a daily close, further bullish pressure is expected to push the price higher towards $11,500 area in short term. The recent positive fundamentals on the upgrade of the Bitcoin network, transaction speed, and lower transaction cost have helped Bitcoin to regain some momentum and attract more market participants.

As for the current scenario, the price is being carried by the dynamic levels of 20 EMA, Tenkan and Kijun sen which is expected to push the price much higher in the coming days. Though certain Bearish Divergence is in progress, the bullish bias is still quite intact as the price remains above $8,500 area with a daily close.

The Reserve Bank of India (RBI) has banned banks and other financial institutions from facilitating cryptocurrency transactions in the country. In response to this coalition consisting of four platforms for the exchange of cryptocurrencies and other startups, the regulator filed a petition in court, questioning the RBI directive. The decision of the Supreme Court will be considered on May 17.

The Central Bank of India has banned banks and other regulated financial organizations from dealing in cryptocurrency transactions last month. The regulator maintained that such a decision was in the interest of investors, citing the fact that cryptocurrencies constituted a tool for dishonest actions. According to RBI, the huge number of threats associated with the cryptocurrency market forced the central bank to take action. Many opponents responding to the ban expressed their opposition to this decision. They believe that this movement threatens the growth and development of the domestic cryptocurrency market. Others point to the unclear language of the ban, questioning its constitutionality.

Before the ban was introduced, the RBI issued three separate press releases warning against cryptocurrency investments. The country's government is also hostile to cryptocurrencies. Despite this hostility, there are reports that RBI wants to create a national cryptocurrency for India.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. After the three wave advance to the upside, the marked is reversing again towards the local lows at the level of $8,200. This small wave up might be a wave x, which indicates a possible drop lower towards the level of $7,712 as the correction evolves into a complex one. Moreover, the golden trend line is still providing the dynamic resistance for the price, so as long as this line is not violated, the outlook remains bearish.

Bitcoin has been impulsive inside a bearish trajectory recently that led the price to consolidate at the edge of $8,500 support area currently. Despite certain bearish pressure in the market, the overall Crypto market is going stronger day by day recently. So, Bitcoin bulls are likely to attack in the coming days. Everyday, retail market participants and big companies are entering the Crypto market which is speculated as a good sign for the bullish trend in the crypto markets in the coming days. Bitcoin being the flagship of all the cryptocurrencies is expected to lead the market to a better place in the future. As for the current scenario, certain bearish pressure in the market is being observed at the edge of $8,500 but the price is still being supported by the Kumo Cloud that is expected to lead to further bullish momentum in the coming days. As the price remains above $8,000-$8,500 area with a daily close, the bullish bias is expected to continue further.

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.239 and met my yesterday's targets. Japanese internet giant GMO has updated its plans to manufacture and sell its 7nm bitcoin mining chips as well as for its own mining operations. Interested customers will soon be able to reserve some of these chips. The technical picture on Bitcoin looks neutral to bearish.

Trading recommendations:

According to the H1 time - frame, I found that price broke consolidation zone in the background, which is a sign that sellers are in control. I also found a potential intraday bearish flag in creation, which is another sign of weakness.

My advice is to watch for potential selling opportunities if you see a valid breakout of bearish flag. The downward targets are set at the price of $7.810 and at the price of $7.156.

According to anonymous sources, Facebook reportedly is considering creating its own cryptocurrency. People "familiar with Facebook's plans" inform, that the social media giant is very serious about the implementation plans of the virtual coin for the application.

Anecdotal evidence comes from the same week in which the platform announced that David Marcus, head of the Messenger application, will switch to a special research group dealing in Blockchain technology. Marcus' choice for Blockchain activities was immediately visible, earlier the executive director worked in the field of finance in the PayPal system, and then, in December 2017, he joined the Coinbase cryptocurrency stock exchange commission. At that time, CEO Brian Armstrong, Coinbase, praised Marcus' international experience in the field of payments and mobile communications.

This movement presents a peculiar juxtaposition for Facebook - the platform blocked advertising related to cryptocurrencies in January. Also referring to "misleading or deceptive promotional practices", the ban was soon copied by Google and Twitter. Good move before the start of an advertising campaign of its own cryptocurrency

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has made another lower low at the level of $8,100, so the downward correction is still developing. The next target is seen at the level of 61% Fibo at $7,712 as the waves ABC of the zigzag pattern unfolds. The target zone for the wave (2) is seen between the levels of $7,442 - $7,7712.

The State Duma of the Russian Federation will support the first reading of the initiative, which will add the basic norms of the digital economy to the civil code of the Russian Federation. This is the latest step on the way to introducing cryptocurrencies in the country, informs local press service.

"The initiative aims to minimize the existing risks associated with the use of digital objects to transfer assets to an unregulated digital environment to legalize criminal income, bankruptcy or sponsorship of terrorist groups" - said Pavel Krasheninnikov from the United Russia political party and head of the legislative work commission. The initiative to be considered next week does not mean that digital currencies will become a legal tender. Instead, a separate act developed by the Central Bank, the Ministry of Finance and the Ministry of Economic Development will set the conditions for digital currencies to be used as payments "in controlled quantities." The initiative will make the digital confirmation by the user in a smart contract equal to his written consent.

Russia first prepared a draft "On Digital Financial Assets" bill in March this year, which would provide federal laws regulating cryptocurrencies and ICO, after President Vladimir Putin's decision to initiate crypto-regulation from July 1. The project of 20th March defines cryptographic and digital tokens as assets intended exclusively for trading on authorized exchanges, also requiring that user accounts on the cryptographic exchange comply with AML regulations and terrorism financing regulations.

"It is important that cryptocurrencies and tokens are included in the legal field of the Russian Federation. On the one hand, these are opportunities that we can not miss. On the other hand, when they are outside the legal field, you can use them to give bribes, withdraw money in the event of bankruptcy, pay black salaries and simply steal - without any consequences [for criminals]"- said Igor Sudets, director of the "Blockchain for Lawyers" program at the Russian University of Economics in Plekhanov in Moscow.

In conclusion, one might speculate, that after the cryptocurrency use in Russian Federation will become legal and regulated, it might be a good time for a national cryptocurrency? According to the current path of events this idea does not seems to be far fetched.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has bounced from the 50% Fibo at the level of $8,132 again, but the bounce was short-lived so far. The market is still trading below the golden trend line, so the outlook remains bearish. The next target is seen at the level of $7,974 and $7,712. The impulsive scenario invalidation level is still at $6,402.

The Bitcoin (BTC) has been trading sideways at the price of $8.235. As I expected, the price tested the level of $10.353. In less than five hours, zclassic will fork to create bitcoin private, a new privacy-oriented coin that uses zk-snarks to obfuscate transactions. Holders of bitcoin and zclassic will both be eligible to receive bitcoin private (BTCP) on a 1:1 basis. There's just one problem: 93% of all zlcassic (ZCL) is on Bittrex exchange, which until today had neglected to pass comment on whether it would support the fork. As the price of ZCL has dropped sharply, bagholders have expressed their anger at Bittrex' slowness to act. The technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the H1 time - frame, I found that price did successful breakout of larger bearish flag, which is sign that sellers are in control. I also found a smaller bearish flag in creation, which is sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.067 and at the price of $7.668.

According to the H1 time - frame, I found that price is testing supply trendline in the backgorund, which is a sign that buying looks risky. I also found a successful breakout of consilidation zone in the background, which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downawrd targets are set at the price of $7.890 and at the price of $7.683.

Bitcoin has been quite bearish recently which lead the price to reside at the edge of $8,000. Bitcoin is currently quite weaker than expected as for retracement along the process. The bullish momentum which started after breaking above $6,500 was quite comfortable with the gains until the recent bearish pressure took over the market. As the bulls are still quite strong having the bears rejecting off the $8,000 price area currently, certain bullish momentum is expected in the coming days which is expected to push the price higher above $8,500 area.

As of the current scenario, the impulsive bullish pressure can only be seen after the break above $9,000 with a daily close which will lead the price all the way towards $10,000 price area in the future. As the price remains above $8,000 with a daily close, the bullish bias is expected to continue.

On the 4 hour chart, I've spotted that Bitcoin has a divergence between the RSI (14) and the price. The BUY zone is created at $8,614.10. As long as Bitcoin does not breakout and closes below the $8,105.20 level, 60% of the time this cryptocurrency will breakout and close above the BUY Zone level at $8,614.10. Afterward, the price will continue going upward.

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